After weeks spent scrolling Rightmove and Saturdays spent on house viewings, you’ve finally found a property you LOVE so it’s time to get that offer accepted and move forward with your purchase.
If this is your first home or it’s just been a while since you last sold, we’ve put together a guide to the process of buying a new home to make things a little clearer for you and take some stress away.
- Search for your new home
Before you begin searching, make sure you’ve saved enough for your deposit, have checked how big a mortgage you can borrow from the bank, and are sure you’ll be able to afford the repayments.
Speaking to a mortgage advisor can really help you understand how much you can borrow, and aid you arranging an agreement in principle from a suitable bank so you understand what price range you can view and how much you can offer.
- Make your offer and have the house taken off the market
Give as much detail as possible when making your offer. The estate agent will want to know you can definitely afford the offer you’re making, and other factors may be of interest to the seller such as if you’re a first time buyer or if you’re in a chain.
Some agents will do it automatically but others may not so make sure to ask to have the house taken off the market as a condition of your offer. If not, you could end up ‘gazumped’, where another buyer offers more money than you and the seller backs out of your deal.
- Instruct a conveyancer (solicitor)
Once your offer has been accepted it’s time to instruct a conveyancer and really get the purchase moving. A purchase is typically advised to take 8 weeks but there may be holdups along the way that can make the process longer by a fair few months. We’d advise keeping in regular contact with your solicitor to make sure you know what’s happening and when.
- Apply for your mortgage
You should already have your mortgage in principle but it’s now time to apply for the real thing. If you’re using a mortgage advisor, they’ll prepare you and ask for the relevant documentation, but if not, ask the bank you’re applying with what you’ll need such as bank statements, pay slips (or accounts if you’re self-employed), identification and proof of deposit.
The bank will very likely carry out a valuation survey at this point, but remember this is not a building survey and will not highlight issues beyond high level observations which might affect the value. The valuation surveyor here is working on behalf of the bank so to get a thorough overview of the property from someone impartial, make sure to instruct a Chartered Building Surveyor.
- Instruct a building surveyor
Make sure this one is on your list early on. It’s so important to really understand the property you’re buying, this is probably the biggest purchase you’ll ever make. Instruct a Chartered Building Surveyor accredited by the Royal Institution of Chartered Surveyors (RICS) to conduct a homebuyers report or a full building survey. We have a full guide to which survey is best for you here but do get in touch with any questions.
A Chartered Surveyor will be working for you and only you to ensure you fully understand the property you’re buying and any issues it may have. They’ll spend time at the property conducting a visual inspection of all internal and external areas so they can explain any issues and advise on remedial works. We want to support you as much as we can, so we’ll always offer follow up calls to talk any questions through and advise on your next steps.
Our report may also raise additional queries for your solicitor, or may help them when setting out their enquiries for the seller, so it could be beneficial to instruct your surveyor when you’ve instructed your solicitor. Unlike other reports, Fourth Wall’s bespoke building survey reports include an Executive Summary that can be sent straight to your solicitor so they can see the key findings quickly and raise any necessary enquiries.
- Discuss the findings of your survey and searches with your solicitor and make necessary enquiries to the seller
Your surveyor may suggest some further enquiries for your solicitor to make, such as boundary walls, historical party wall disputes and planning permission. Our bespoke building survey comes with an executive summary that can be sent straight to your solicitor so they can see issues, remedial works and necessary enquiries quickly and clearly.
- Hire a removal company
It’s time to get packing! With your survey and searches done, start prepping for exchange and completion by contacting some removals companies. The property market is extremely busy so don’t leave this until the last minute!
- Pay your deposit, exchange contracts and arrange completion
Once you’ve exchanged, you’re legally bound to the purchase so make sure you’re happy with the enquiries and your understanding of the property before you say yes at this point. This is also a good time to look at buildings insurance as you’ll now have responsibility for the property.
- Complete on your property, pay your solicitor and stamp duty if necessary, and collect your keys
When you exchange contracts all parties will agree a completion day. This is the most exciting part as you count down the days to the move into your brand new home. The less exciting bit is seeing all that money leave your account, but it’s all worth it!
- Give yourself time to settle in, and then instruct a surveyor or architect if you’re looking to make changes to your new home
You’ve moved in and started unpacking, but now your mind is racing with all the exciting updates you can make to your new home. Give yourself some time to settle in your home and understand what you’d like from the space, and then get in touch so we can help you design your dream home!